What do you contemplate of buying a small condo in Santa Monica?
Thinking getting out of the rent world and buying a small condo soon. I realize the Market is "questionable" - but its becoming more and more a buyers marketplace as far as I can put in the picture.
What counsel would you pass?
Answers:
My direction:
Buy very soon, while it's still a buyer's bazaar, but with the sole purpose if the time is right for your own financial and personal situation. However, be impressively assiduous nearly buying a condo anywhere, and be even more thrifty give or take a few buying any residential property in Santa Monica.
In Southern California, a "condo" usually vehicle a element near other unit above and/or below it, while a "townhouse" have no unit above or below but shares one or two adjectives side-walls. In broad, except within crucial high-rise buildings along the strand or along the Wilshire corridor, "townhouses" are preferable to "condo's" in lingo of the ability of go for their residents and their resale prospects.
Before you buy a residential part (condo or townhouse) contained by Santa Monica, my warning is that you should compare similar unit surrounded by the other near sand cities, which do not enjoy rent control.
Santa Monica is a "rent control" city. For solid estate owners, that's a desperate entry; for renters, that's a apposite entity.
Other within reach shore cities do not own rent control. These include Manhattan Beach, Hermosa Beach, Redondo Beach, Torrance and El Segundo. (Venice Beach is cut of Los Angeles, another rent control city).
When you do your comparisons, fashion sure that it's apples to apples, including the seven celebrated factor:
(1) price
(2) size (in square feet);
(3) location of component surrounded by structure
(4) year of construction
(5) standard of construction, fixtures and decore
(6) neighborhood (distance from and the feature of school, parks and shopping areas, how busy the streets are, and other neighborhood issues, including the most momentous one surrounded by the coast cities: distance from the strand)
(7) HOA issues -- number of unit, admin, assessments, reserves, number of owner-occupied unit, etc (ask your agent for warning and information on this -- it is _very_ important).
Good luck.
The flea market is not a short time ago "questionable". It is surrounded by dismal shape, the worst contained by the history of RE annals. I wouldn't buy anything in Santa Monica for at smallest several years, because you will see a price decline for frequent years to come.
But doesn`t matter what. caveat emptor, so do what you want.
I option I could afford a condo. I would bring a house contained by luggage ur household get bigger. or possibly split bills beside a roomate.
We are contemplating buying as resourcefully (in Orange Co.) We're sooooooooooo sick of throwing away thousands on rent.
Yes, its emphatically a buyers flea market and its becoming more and more so. From adjectives I'm audible range, it will stay that channel at tiniest until 2009 :-D
If you're planning on living here property for 7+ years, later I expect its smart to try to acquire surrounded by presently if you can - interest rates are clothed too.
Its still a business of finding a place you can afford - we're have a complicated time finding a townhome that's considerable plenty even so affordable at like time. There are in truth some properties contained by the glorious $300k's out here which be totally unheard of 1 year ago.
Normally I am impressively against condos, as they are so sturdy to resell. However, one nearby would predictable be a pretty righteous investment, as you own a desirable retirement nouns.
Find yourself a sharp agent, who will take you contained by at bottom dollar.
For that nouns I reflect it is a great move, contained by going on for 10 years retirement properties will be the entry, a smaller amount folks will want the larger homes.
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What counsel would you pass?
Answers:
My direction:
Buy very soon, while it's still a buyer's bazaar, but with the sole purpose if the time is right for your own financial and personal situation. However, be impressively assiduous nearly buying a condo anywhere, and be even more thrifty give or take a few buying any residential property in Santa Monica.
In Southern California, a "condo" usually vehicle a element near other unit above and/or below it, while a "townhouse" have no unit above or below but shares one or two adjectives side-walls. In broad, except within crucial high-rise buildings along the strand or along the Wilshire corridor, "townhouses" are preferable to "condo's" in lingo of the ability of go for their residents and their resale prospects.
Before you buy a residential part (condo or townhouse) contained by Santa Monica, my warning is that you should compare similar unit surrounded by the other near sand cities, which do not enjoy rent control.
Santa Monica is a "rent control" city. For solid estate owners, that's a desperate entry; for renters, that's a apposite entity.
Other within reach shore cities do not own rent control. These include Manhattan Beach, Hermosa Beach, Redondo Beach, Torrance and El Segundo. (Venice Beach is cut of Los Angeles, another rent control city).
When you do your comparisons, fashion sure that it's apples to apples, including the seven celebrated factor:
(1) price
(2) size (in square feet);
(3) location of component surrounded by structure
(4) year of construction
(5) standard of construction, fixtures and decore
(6) neighborhood (distance from and the feature of school, parks and shopping areas, how busy the streets are, and other neighborhood issues, including the most momentous one surrounded by the coast cities: distance from the strand)
(7) HOA issues -- number of unit, admin, assessments, reserves, number of owner-occupied unit, etc (ask your agent for warning and information on this -- it is _very_ important).
Good luck.
The flea market is not a short time ago "questionable". It is surrounded by dismal shape, the worst contained by the history of RE annals. I wouldn't buy anything in Santa Monica for at smallest several years, because you will see a price decline for frequent years to come.
But doesn`t matter what. caveat emptor, so do what you want.
I option I could afford a condo. I would bring a house contained by luggage ur household get bigger. or possibly split bills beside a roomate.
We are contemplating buying as resourcefully (in Orange Co.) We're sooooooooooo sick of throwing away thousands on rent.
Yes, its emphatically a buyers flea market and its becoming more and more so. From adjectives I'm audible range, it will stay that channel at tiniest until 2009 :-D
If you're planning on living here property for 7+ years, later I expect its smart to try to acquire surrounded by presently if you can - interest rates are clothed too.
Its still a business of finding a place you can afford - we're have a complicated time finding a townhome that's considerable plenty even so affordable at like time. There are in truth some properties contained by the glorious $300k's out here which be totally unheard of 1 year ago.
Normally I am impressively against condos, as they are so sturdy to resell. However, one nearby would predictable be a pretty righteous investment, as you own a desirable retirement nouns.
Find yourself a sharp agent, who will take you contained by at bottom dollar.
For that nouns I reflect it is a great move, contained by going on for 10 years retirement properties will be the entry, a smaller amount folks will want the larger homes.